BIPL LONG TRADE 05-06-2025BIPL has been trading in a channel since March 2024, with a range of PKR 20 to PKR 26.1. Recently, the stock made a sharp downward move in the form of a spring, quickly returning within the range, indicating a potential reversal or upward action.
The stock has formed a reversal pattern in the shape of an inverted head and shoulders pattern, with adequate volume distribution and price action in a spike fashion, suggesting an upward move is likely.
However, buying at the current level of PKR 23.15 is not recommended. Instead, we suggest waiting for a pullback to the demand zone that caused the upward move, which lies between PKR 22.3 and PKR 21.4.
🚨 TECHNICAL BUY CALL – BIPL🚨
- Buy 1: PKR 22.3
- Buy 2: PKR 21.4
TP1: PKR 24.7
TP2: PKR 26
stop Loss: Below PKR 20 (DAILY closing)
Risk-Reward Ratio: 1:3.37
